Self-study 6 Task

Summary to the given text:

Commercial banks

A bank is a commercial organization that carries out the following types of activities that are considered to be banking activities:

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  accepting deposits from legal entities and individuals and using the received funds for risky lending or investment;
  
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  make payments.
  

A deposit is an amount of money that is paid upon demand or with the payment of interest or surcharge or without the return of all such payments within the period agreed between the person making the payment and the person receiving the payment or their legal representatives. Banks carry out the following banking operations in their activities:

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  opening and maintaining accounts of individuals and legal entities, including representative banks, settlements on accounts;
  
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  attraction of deposits;
  
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  issuance of loans on its own behalf at the expense of own funds and borrowed funds, subject to repayment, interest and maturity of loans.
  

Banks can also carry out other types of operations, such as:

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  cash management under a contract with the owner or disposer of funds;
  
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  purchase and sale of foreign currency from legal entities and individuals in cash and non-cash forms;
  
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  collection of cash, promissory notes, payment and settlement documents;
  
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  issuance of guarantees for the fulfillment of obligations on behalf of third parties;
  
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  issuance, purchase, sale, accounting and storage of securities, management of securities under the contract with the client, performance of other operations with securities;
  
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  provision of consulting and information services on banking activities;
  
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  lease of special buildings or steel boxes inside them for storage of documents and other assets to individuals and legal entities;
  
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  financial leasing:
  
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  microcredit;
  
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  other operations specified in the license in accordance with international banking practice.